Investor Update

First quarter 2024 Accurate as of May 28, 2024

ProAssurance Overview

Mission, Vision, & Values

The ProAssurance Mission

We Protect Others.

Corporate Values

Integrity | Leadership | Relationships | Enthusiasm

Our Brand Promise

We will honor these values in the execution of treated fairly to

perform our mission and realize our vision.

ProAssurance Investor Briefing | May 2024

3

At a Glance

Healthcare-centric specialty insurance writer

Specialty Property & Casualty

Medical Professional Liability (MPL)

Life Sciences and Medical Technology Liability

Lloyd's of London Syndicates

Workers' Compensation Insurance

Segregated Portfolio Cell (SPC) Reinsurance

Total Assets: $5.7 billion

Shareholders' Equity: $1.1 billion

Claims-Paying Ratings

A.M. Best: "A" (Excellent)

Fitch: "A-" (Strong)

19 locations, with operations in three countries

1,094 employees as of March 31, 2024

Writing in 50 states & DC

All employee and financial data as of 03/31/24

Business Unit

Medical Professional Liability

Medmarc

Eastern

PRA Corporate

Principal

Employees

Lines of Business

Offices

9

704

Healthcare professional

liability

1

34

Medical technology liability

7

254

Workers' Compensation &

captive facilities (all lines)

1

102

Corporate functions

Lloyds

Underwriting Offices

Claims Offices

Claims/Underwriting Offices

Corporate Headquarters

Cayman Islands

ProAssurance Investor Briefing | May 2024

4

ProAssurance Executive Leadership

Ned Rand - President & Chief Executive Officer

Mr. Rand became President and CEO in 2019, after serving as COO, CFO, Executive VP, and Senior VP of Finance at ProAssurance since joining the company in 2004. Prior to joining ProAssurance, he served in a number of financial roles for insurance companies.

Mr. Rand is a CPA and graduate of Davidson College (B.A., Economics)

Noreen Dishart

Rob Francis

Dana Hendricks

Jeff Lisenby

Karen Murphy

Kevin Shook

Executive Vice President &

President

Executive Vice President

Executive Vice President

President

President, Workers'

Chief Human Resources Officer

Healthcare Professional Liability

& Chief Financial Officer

& General Counsel

Life Sciences

Compensation & Segregated

Portfolio Cell Reinsurance

Executive Team bios available on our website at Investor.ProAssurance.com/OD

ProAssurance Investor Briefing | May 2024

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ProAssurance Board of Directors

A - Audit Committee C - Compensation Committee

E - Executive Committee

N/C - Nominating/Corporate Governance Committee

Underlined- Chair

Bruce D. Angiolillo , J.D.

Kedrick D. Adkins, Jr

Richard J. Bielen

Fabiola Cobarrubias, MD

Samuel A. Di Piazza, Jr

Independent Chair

A

A

A, N/C

C, E

E

Maye Head Frei

Staci M. Pierce, J.D.

Edward L. Rand, Jr

Scott C. Syphax

Katisha T. Vance, MD

C

C

E

N/C

N/C

Committee assignments effective June 1, 2024

Director bios available on our website at Investor.ProAssurance.com/OD

ProAssurance Investor Briefing | May 2024

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ProAssurance Brand Profile

Specialty P&C

Medical Professional Liability

Medical Technology &

Legal Professional Liability

Life Sciences Products Liability

Workers' Comp

Alternative Risk Transfer

ProAssurance Investor Briefing | May 2024

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Significant Positives in First Quarter 2024 Results

Operating earnings in the first quarter of $0.08 per share, benefiting from a six-point improvement in the calendar year loss ratio and a 12% increase in investment income

We remain focused on driving underwriting improvement, which can be seen in the three-point improvement in our current accident year loss ratio and two-point improvement in the consolidated combined ratio over last year's first quarter

Markets in which ProAssurance operates continue to be challenging and we remain cautious about both the risks we underwrite AND loss cost trends, with gross premiums written down just slightly to $311 million

We are focused on achieving pricing levels that help move us toward our long-term profitability goals and believe we are continuing to obtain rate beyond loss cost trends

We continue to forego new business - and non-renew existing business - that does not meet our underwriting criteria

Specialty P&C segment current accident year net loss ratio improved almost five points compared to last year's first quarter

Gross premiums written declined $3.6 million quarter over quarter driven by our non-renewal of a large account

We retained 86% of policies eligible for renewal, maintaining our disciplined underwriting and pricing criteria to achieve an average rate increase of 7% in addition to $10.4 million of new business priced at rates that move us toward our long-term profitability goals

Workers' Comp segment first-quarter accident year loss ratio was below full-year 2023, although higher than last year's first quarter due to the medical cost trends

Caution about the current claims environment and our focus on operational discipline is beginning to be reflected in results, with no change in prior accident year reserve estimates in the first quarter of 2024 for this segment

All prior period segment information has been recast to conform with our current segment reporting structure

Comparisons to first quarter 2023 unless otherwise noted

ProAssurance Investor Briefing | May 2024

8

ProAssurance Reports Financial Results in Four Segments

ProAssurance

Specialty

Property & Casualty

Eastern Alliance

Workers'

Compensation

Inova Re/Eastern Re

SPC Reinsurance

ProAssurance

Corporate

  • Medical Professional Liability (MPL) insures healthcare providers and facilities, including E&S coverages
  • The Small Business Unit insures podiatrists, chiropractors, dentists, and lawyers
  • Medmarc insures medical technology and life sciences companies that manufacture or distribute products and those conducting clinical trials
  • Includes the underwriting results from our participation in Lloyd's of London Syndicate 1729 and 6131
  • Specialty underwriter of workers' compensation products and services
  • Focused in the East, South, and Midwest regions of the United States
  • Guaranteed cost, policyholder dividend, retro-rated, deductible, and alternative solutions policies available
  • Segregated Portfolio Company structure
  • Workers' compensation and healthcare professional liability coverage in a Cayman-based captive
  • Industries include healthcare, forestry, staffing, construction, petroleum, marine and recreation, and social services
  • Reports our investment results, interest expense, and U.S. income taxes
  • Includes corporate expenses and includes non-premium revenues generated outside of our insurance entities
  • Company-wideadministrative departments reside in ProAssurance Corporate
  • Includes Investment results and assets solely allocated to our Lloyd's Syndicate operations, net of U.K. income tax expense

ProAssurance Investor Briefing | May 2024

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Specialty Property & Casualty

Deep expertise and broad product spectrum in healthcare and related sciences

Consolidation in MPL → demand for comprehensive insurance solutions

Life Sciences → offer liability solutions to companies that develop, test, and deliver healthcare products in the U.S. and worldwide

ProAssurance Specialty Property & Casualty Premiums

Medical Professional Liability Insurance

Life Sciences

Standard

Specialty

Podiatry, Chiropractic,

Physicians

Healthcare

Dental

$415M

$221M

$91M

$45M

Gross Premiums Written

for the 12 months ended 03/31/24

$832M

Tail & Other Coverages

$40M

Lloyd's

Syndicates

$20M

3/31/2024 Subject to rounding

ProAssurance Investor Briefing | May 2024

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Disclaimer

ProAssurance Corporation published this content on 28 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2024 16:45:02 UTC.